tv Cavuto Coast to Coast FOX Business March 22, 2023 12:00pm-1:00pm EDT
but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. ♪. stuart: okay, folk, this will be rapid fire, how many provinces are this in canada, mr. gold inch? >> 13. stuart: lawyer len 10. stuart: what is your name, mark? >> 10. stuart: i say 10. what have we got. i knew it, the answer is indeed 10. canada also has three territories. i bet you didn't know that. it was good show, he enjoyed beginning to end. thethe end is now. "coast to coast" starts now. ♪. >> mambo number five.
♪. neil: ladies and gentlemen, this is more likely mambo number nine, as in rate hike number nine. that song is so good. we couldn't pass up the idea. that is the betting. thank you mambo number five plus four. in two hours the fed will likely rise interest rates for the ninth time in a year. with apologies of to lou vega this is not love after flame, the fed trying to get us out of this inflation sling. no mambo there, no happy tune now, thing is billionaire home depot cofounder ken langone doesn't like the song he is hearing. but it is not the fed ask blaming. wait until you hear. wait until you hear oklahoma senator james lankford about bank rescues. a least too much mambo j-umbo
california congressman ro khanna agrees, kind of. don't you love the song even though it is setting up a rate increase? we're on to the mambo jambo whether the rate hike comes quarter or half-point. ken langone, what he thinks is at stake. great to have you. what do you think, another rate hike? >> thanks for having me, neil. i would guess another rate hike. i would put anything past this fed. they mystify me, neil. they have blown this from the very beginning let's go back to last spring of '22 we were talking about transitory inflation. neil: right. >> the fed should be conservative. they should have said pray fully it is transitory we'll take a more conservative approach assume the real thing and start. we lost a year.
we lost a year. you know, today paying the price for what is called free money, for how many years, 10, 12 years , money cost you nothing. all you had to do pay it back. in some cases we're now dealing with a price we'll pay for free money and it will be painful and it is not going to be easy. and i wish i had a solution but it seems to me we're going to have to go through conventional phases such as a recession. the question, how bad of a recession? i'm more and more becoming convinced, neil, it will be a serious recession, not a mild one. neil: serious as one, that you were dealing with when you started home depot? i mean that was a big one in the late '70s, all that. you think we'll rival that? >> i think this could be worse. let me tell you why. neil: wow. >> because the banking system right now, the banking system right now has got a huge
question mark over it, huge. i mean when you look and see what happened here, this silicon valley bank and then republic and signature bank, i mean, we can't, we can't not have risk-averse banks. banks need to know if they make decisions there is a risk to what they do. if we're going to guarranty all deposits we're asking for a lot of trouble. there is no limits anymore, neil. you have got an administration spending money like a drunk sailor. every program they see they want. they are completely indifferent to what it costs. on the other hand the republicans did a pretty bad job too. so there is plenty of blame to go around, but right now, neil, i think the thing we have to ask yourselves the question, how do
we ameliorate the possibility of a severe re? i worry about that. neil: ken, you just mentioned republicans had their problems as well. likely to be a crowded field among republicans seeking the white house. donald trump is among them. you know nikki haley and others coming to join the race. pretty soon maybe governor ron desantis. do you have any horse in this race? >> i'm standing on the side of lines watching, neil. i think the one thing i pray we don't have in the republican party is the same size field we had the last time. let me be perfectly frank. i think donald trump's time has come and gone. i think it's over. i also think, neil, that he has little chance if we have fewer people in the hunt. so i'm hoping that maybe we can get down to a manageable number, two, three, four, maybe. then we'll have a more substantial selection and a
stronger chance of winning but right now, let me tell you, all this white house knows is spend, spend, spend, spend. in an environment where you -- neil: let me ask you, ken, if i can go back to what you're saying about the race, i apologize. >> go ahead. i'm fine. neil: donald trump leads in all the polls. it is still early. okay, good. he still leads in all the polls, do you think republicans would lose with him at the top of the ticket? >> yes. yes. neil: who would win? >> i think we would lose. neil: who would win? >> that's tough. you talk about a hobson's choice, biden and trump? boy, oh, boy. neil: i'm talking about if he were not the nominee, if donald trump were not the nominee, let's say ron desantis, do you think he could win? >> i think desantis could win.
he done a hell of a job down here in florida. i'm in florida for the winter. let me tell you something, that works. he is focusing on the schools, neil, in my opinion the single biggest issue america has the inadequacy of public education here in america. it's disgrace. we, we're one of the 30 most developed nations on earth. we rank first in spending per student. we rank 28 out of 30 in results. look at competency of rates of kids graduated from high school in new york city last year. it is pathetic. these poor kids are being gypped. forget about equality. forget about getting things done. these poor kids have a chance to compete if they are equipped, if they have the tools. public education in america today is an abomination. it's terrible. it is not bad, it's terrible. what are we doing about it?
nothing. i know, pay teachers more money. we've got some serious issues to address. and now of course, i read the journal this morning. the front page is a story about putin and xi getting together. neil: right. >> and what are they trying to do? they want to depose us as the leading country in the world. you know something, neil? we want to worry about our currency continuing to be the word currency of the world f we lose that, neil, we are really second rate. we have a lot of challenges in america. tragically. neil: you talk about all the competing issues, ken, you're quite right to point this out, even in the middle waiting for the fed decision today, there is a possibility that former president trump could be indicted, maybe even arrest on charges that go back allegedly paying off a former porn star. i only raise that, what you
think of that, the other investigations around the former president. you know he is galvanizing a great deal of support from his base on this whole thing. what do you think? >> i think, i think if he gets indicted it will strengthen his base. may not make it bigger but it will make it stronger. now, this guy in new york city that is bringing, this guy, i don't know, the u.s., manhattan district attorney. neil: alvin bragg, the city prosecutor. >> look, look, i think it would be a mistake to indict him. on the other hand i think maybe, just maybe that might be the beginning of the end for trump. i don't know. i do know this right now that for sure, i'm guessing but i bet his base will become stronger, much stronger. he is being attacked. he is unfairly treated. he is being disadvantaged all those things and he has got a
strong, that is what i say, if you have a big field, running for the presidency among the republicans he will have enough base strength to probably get the nomination but he can't win. i don't believe he can win. no. a lot of that is going to depend on what the democrats do. neil: get your sense, you mentioned that field and it could be a very impressive field but right now they're focused on trying to prove what they can do, that they will be better at spending, they will cool it on that. their past doesn't show it. do you have anymore faith if republicans were fully in charge in washington they would do a better job fiscally than the democrats who have been in charge up to now? >> look. take what i say with the understanding that i am partial to republican causes and policies. neil: sure. >> yes i think so. i believe, i believe there will
be a more sober approach to our economic needs in america. and i think, for example, the likelihood of getting some balance here, because we have none now. spends, just talking about spending money. that is all we're doing. we already have a series inflation problem and you're going to pour more gasoline on the fire. you know, neil, i will tell you, i will say something draconian, i think this federal reserve board should all resign right now. i think they blew it so bad. powell, i don't know what his background lends hisself to the job here but i can think of people like, i'm partial, kevin warsh, larry lindsey, stan drunkenmiller, i don't know if drunkenmiller would do this. we need a william mcchesney martin, you remember william mcchesney martin. neil: sure. >> when i came into business
this guy spoke with knowledge and experience. no fed chairman would have accepted inflation as maybe just going to come and go away. he would have said, maybe it will go away but i will do what i have to do that to make sure if it doesn't go away i have addressed it. he didn't do that. they didn't do that. they're a bunch of academics. what do though know? they're students. neil: everyone likes to compare jerome powell to paul volcker that the inner paul volcker in him is guiding him to keep raising rates but you say it is too little too late, right? >> paul volcker would have -- look what paul volcker did when he took over he went to reagan. you want me to fix this thing? yes. well you will have pain here. damn if we didn't but he fixed it. paul volcker knew his stuff, he knew his stuff, neil.
mcchesney martin, he knew his stuff. arthur burns, there is issues there but you could argue he knew his stuff. what the hell is his name? alan greenspan. these guys were pros. bernanke, they were pros. now, i will tell you there is degrees. i would say at the top of the list would be volcker and mcchesney martin but right now i think the talent is there. the will to fix it is not. i'm sorry to be so brutal on the fed but i think they all ought to resign. i don't know how anybody can have confidence in the federal reserve board right now based on what is going on in america. i don't know how. i don't. but, neil -- neil: you're pretty big, got pretty big influence to look at that, but finish that thought, ken, i apologize. >> neil, don't forget the underlying theme of my belief,
don't sell america short. yes, we have serious problems. yes, they need to be addressed. but do not, america is still the finest and best place to be in the world. it is and it always will be. we're going through a rough patch right now, neil, but we'll fix it. we'll get it right. maybe it will take us longer. maybe it will require more pain but i have no doubt about this great nation. we're going to be fine. i'm fully invested. neil: ken, you embody that greatness. your rags to riches story proves it. so you know, hopefully people will listen to the impact what you said. finish that, i'm sorry. >> shame on me, shame on me, if i don't acknowledge the greatness of this country for the wondrous things this country has done for me and my family and more importantly for the 500,000 kids that work at home depot today. that is america at its best. look at walmart. look at the jobs we all created.
look at people liveing in homes they couldn't have afforded in earlier times. we are a great nation. we need to get back to sobering reality. don't sell, please if you remember nothing else i said today, don't sell america short. we're the greatest nation on earth, neil, we always will be. that flag, i said before, i put it on, when i put it on in the morning i look up to the ceiling, i say grandma, grand pa, thanks for coming to america. i leave you with that thought, neil. how are you doing, my friend? neil: i'm doing very well. you haven't lost your spice. i'm glad you haven't. >> damn well won't lose myeither. i will open a restaurant down here in boca raton, gallagher from new york. right after this i am leaving to go down to see how it is coming.
come on down. i will treat you to a steak. neil: done, thank you, ken. thank you for speaking your mine. cofounder of home depot, against all sorts of odds. remember what they were saying he and bernie marcus deciding that, the idea of a one-stop shop for all things handy in one big place. this will never fly. i think it flew. we'll have more after this. ♪ ♪ we're the ones getting it done. we're managing type 2 diabetes and heart risk. we're on it with jardiance. join the growing number of people who are on it with the once-daily pill, jardiance. jardiance not only lowers a1c, it goes beyond to reduce the risk of cardiovascular death for adults with type 2 diabetes and known heart disease. and jardiance may help you lose some weight.
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>> some politicians started talking about banning tiktok. this could take tiktok away from all 150 million of you. i quill be testifying before congress later this week to share all we're doing to protect americans using the app and deliver on the mission to inspire creativity and to bring joy. neil: well he hasn't gotten the bring joy part down yet. there is a lot of controversy around the ceo of tiktok, chew, who will be testifying on capitol hill tomorrow. it could be a barn-burner. get the read from grady trimble what they're expecting and some of the remarks he is slated to be making. grady what do you have?
>> reporter: neil, tiktok's ceo reportedly has been meeting behind the scenes with lawmakers ahead of this testimony trying to calm their fears that tiktok is a national security threat because of its chinese ownership. we know that he will say that again tomorrow in front of the house energy and commerce committee. here are parts of his remarks, saying tiktok has never shared or received a request to share u.s. user data with the chinese government, nor would tiktok honor such a request if one were ever made. he goes on to say, tiktok is not owned or controlled by any government or state entity. this testimony of course comes at a pivotal time for the company. several lawmakers in both the house and senate have introduced legislation that would shut the app down or give president biden the authority to ban it but those who use the app are fighting back. today more than two dozen tiktok influencers will be on the hill trying to influence lawmakers.
they argue a ban would take away their freedom of expression and their livelihood. progressives in general don't seem too keen on an outright tiktok ban. >> would you consider a ban on tiktok? >> no, not a specific company. my view on this is, either we want to take a look across the board at the companies that are owned by china pose a threat to us. we should be doing that. if tiktok is one of those companies then tiktok should be in that mix. this is not singling ought one company pretending to solve the problem of chinese influence or of tech influence. >> reporter: but the white house has taken a tougher stance on tiktok as well, lately, telling the company it needs to sell or it could be banned. tiktok's argument, neil, is that selling wouldn't protect data anymore than its current
arrangement or a new arrangement that it agrees to cfius, by the way those negotiations have been going on for about two years now. neil? neil: absolutely. ad nauseam. it will be interesting. grady, great report as always, my friend. grady trimble. want to go to jacob helberg, you know that name, former google policy advisor, wires of war, author, very good on u.s.-china relations. been very critical of the intent of the chinese. it isn't always innocent. he is kind enough to join us. jacob, what do you think first happens with these hearings tomorrow despite the tiktok ceo's assurances we come in peace, we mean no harm what do you think? >> well the tiktok ceo is basically making two points. the first is that he is saying that tiktok is taking unprecedented steps to secure america's user data but let's remember, let's listen to his words, unprecedented doesn't
necessarily mean sufficient. unfortunately time and time again tiktok's actions have contradicted revelations that have come out in the press regarding the security of american user data. the second point that he is making, tiktok is essentially too big to ban, saying that tiktok reached 150 million users in the united states. the way i see it from a national security perspective that is actually an argument even more reason to ban tiktok. if the ccp has eyes, ears in the living rooms of 150 million americans, that is extremely concerning. neil: so you're talking about the chinese communist party. now the ceo is going to argue, that is a charge that keeps happening here from americans. it is not so. it is not just americans already. number of countries, norway, netherlands, italy the latest to say they're banning it. i don't know how far it goes. that is a tough thing to ban. if you take it to that level, how do you ban it? >> neil, you're hitting the nail
on the head. the number one reason why it hasn't already been banned is because elected officials across the west are terrified that they're going to face droves of gen-zers at the polls that will be against a potential ban ever tiktok. at the end of the day china has erased the dividing line between the chinese communist party and its private companies. that is the fundamental issue. on this particular point elizabeth warren is right. it is not just about tiktok, it is about chinese technologies in the united states generally. we banned huawei, zte for the same surveillance concerns. all the reasons we banned huawei they talk about chinese lidars that remain all over the country. as we saw with russia's war in ukraine, you can't fake national security. you're either going to be performative, when you make
decisions or you will be substantive and i would urge congress to go make the substantive choice of protecting american security. neil: real quickly on that point, jacob, i talk to a lot of young people. my kids, for example, who love tiktok. they just say well, all these companies spy on us, dad, even the american companies. to which i yeah, but even the american companies if so, don't have the intent that china does. how to you want to help me talk to them? >> as a dad of two myself i would encourage you to explain to them that if google or facebook or netflix uses data to better delivered as based on relevance and freshness and a bunch of other indicators that is completely different than if they try then, if the chinese communist party, a foreign government uses tiktok's information to target you and your kids as a well-known
reporter in this country in order to have comment on judges, politicians and journalists of different countries in an attempt to exert political influence in that country. i will just add that, recently, the ceo of tiktok was on andrew sorkin, admitted himself his own kids who are both six and eight are not on tiktok. they're not allowed. his exact words, his kids are quote, too young to be on tiktok. tiktok is not even age restricted in the united states. neil: that is very, very interesting. i will try that with my kids to see what happens. they don't listen to anything i say. that is a whole separate issue. jacob, very good. thank you very much. we'll see what the fireworks reveal tomorrow when the testimony begins. in the meantime you heard ken langone at start of this broadcast, that the federal reserve is screwing things up, that the bank rescues are good examples of the fed with good
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♪. neil: bank stocks, they're kind of holding their own today, dipping a little bit here. the expectation is if the fed moves it will be a minor move today, maybe a quarter-point hike. that will do little to diswage these gangs or put them under pressure. ken langone who was here earlier, it is a mess for the banks and will get messier. senator james lankford from oklahoma kind enough to join us. he sits among some committees the senate finance committee. thanks for being with us. ken langone the founder of home depot said we're not over the bank problem yet. do you agree with that.
>> we're not over it yet. they're creating secondary problems, we'll make whole all the people we know, that relationship we have with in all the big banks may not do that in the smaller banks. that cause as stir in the smaller banks. stores, everybody else that has account there exceeds $250,000. then they try to step in we'll stablize everybody on it. every one says, what is fdic insurance what does that do? what they're doing their initial reaction created further complications figuring out how to settle it. our banking across the country is very stable, very strong, very good assets across the country. we have good liquidity across the country but there is no bank that can have a rush on the bank right away have liquidity 100%. no way you would be able to do that. you couldn't run a business on it. the challenge when regulators do their job not overdo their job. we need banks to have some stability. with the treasury secretary constantly tinkering with it,
fdic tinkering with it makes it hard to predict. neil: talking about janet yellen , senator she is the of the opinion, i'm paraphrasing, back up deposits 2,350,000, half a million for couples unlikely to see runs at big banks. people want safety of big bank, they go to a big bank. she stop that, she says if you increase protected deposit amounts. what do you say to that? >> there are several options. the protected amount increased over the decade. it started at $2500. that is where it started. it has gone up to over $250,000 over the decades. that amount could change in the future. we need to reinfurs community banks, regional banks, larger banks are in very good conditions. there are exceptions obviously like what svb was doing, how they were doing it. a lot of questions of the board of directors. a lot of questions for their
leadership there, but also for the supervisors and folks that did audits there. we need to ask questions, why didn't you notice things that seemed obvious after the fact to look back at. those are fair questions to ask. meantime to diminish all banks i think is a bad idea. neil: as a prominent republican senator, i asked this of republicans wherever they are, senator, i had ken langone, the big republican himself, the drama around donald trump has to end. his time has come and gone. what do you make of that? >> i think people will make their own decisions on this quite frankly. if i talk to oklahomans, i do a lot on it, republican oklahoma mans say half of them will say we love everything that he does. another half will say we like the policies, we don't like all the things that came with it. we're looking for something else. people will be able to decide that in the days ahead. really people decide, i come back to over and over again the basic policy. what is it you're wanting a president to do?
a president to fight this, or a mt. will say i have a set of solutions. they have to determine if people are angry or if they're fearful quite frankly coming into the next election. are they afraid, we're out of control on the border, out of control on the economy, out of control of the deficit. who is bringing ideas that will solve this. or who will just take on the other side. people will pick that. neil: so when others are saying that donald trump might get the nomination but that he would almost assuredly lose in a general election because of this perceived baggage, do you agree with that? >> it is hard to be able to tell right now, neil. i would tell you if 3% of the republicans decide they can't vote for donald trump forewhatever reason, then he loses in a general election because if just a small group of republicans say, i can't vote for the democrat but i also can't vote for donald trump, then it becomes a big issue obviously for any republican to be able to win. you have to have people engage, participate on it.
so whoever is the nominee has got to have broad support across all sectors. republicans as you know don't all think alike but you have to have broad support across all sectors of republicans to be able to say that is a person i can get behind their policies, how they will actually execute it. neil: because a lot more than 3% of republicans didn't vote for donald trump last time. >> that becomes the issue for next november. i don't get to pick that i have one vote like everybody else does. neil: sure. >> we'll let everybody step out to be able to vote. neil: fair enough. that is a fair position to take. senator lankford, very good seeing you again. thank you. >> great seeing you again, neil. neil: all right, it isn't a teachers strike. more like a school strike which 30,000 teachers are taking part in los angeles. it is going on for another second day, spreading and the impact on kids growing after this. this isn't just freight. these aren't just shipments.
>> public education in america today is an abomination. it's terrible. it is not bad. it is terrible. what are we doing about it? nothing. oh, i no, pay teachers more money. we've got some serious issues to address. neil: all right, ken langone talking about the state of our education system. it is showing evidence of just total discord in the los angeles greater metropolitan area where so many schools are part of what is amounted to a massive strike that is getting sympathetic support of on part of 30,000 l.a. area school teachers supporting janitors and other school workers who they say are due, and deserve workman-like wages that are far from that right now. how long this drags on? anyone's guess. kelly o'grady covering it all. codely? >> reporter: good to see you,
neil. yes, this is day two of a planned three-day strike. you can feel the passion here. they're out in the rain. i want to show you, these are some of the 30,000 service workers of the service employees international union behind the strike. roughly 35,000 teachers striking in solidarity as well. we're talking bus drivers, cafeteria workers, custodians. the for context the average worker is earning $25,000. the goal is to secure a 30% pay time, more time off work opportunities, increase staffing levels, respectful treatment after accusations of harrassment. i want to introduce you to james. special education assistant. what is the one thing you want to get out of this. >> one thing we want to get out of this is financial respect for the district. far too long we've been disrespecterred. the amount of help and welfare we've given to all of children of la the the usd. >> reporter: what is the message
parents at home affected about this. >> i want to thank you for your sport support. we want to being mere for your children and get the education you need. >> reporter: for context, at home, there are 600,000 students across 1000 schools. the folks at lausd, the superintendent wants to come back to the table. you can feel the passion. right now it is unclear when they will. back to you. neil: thank you, kelly o'grady, to california democratic congressman ro khanna where this might go. say they are able to forge a deal, help the folks out, get the pay raises they want, i don't know whether 30% level they're seeking. who pays for that if it comes to few division? >> neil, the california taxpayers. i have a district that produced more wealth than any area in human history in silicon valley. we want our kids to learn that you pay people who clean the toilets, you pay people who are the service workers fairly. that is a value in this country.
all the dignity of work. so i support the idea that workers should be treated with respect and paid an appropriate liveable wage. neil: but some silicon valley workers in your district get help and bailouts from the federal government and support, not these janitors and school workers. is that fair? >> well look, no one got a bailout in silicon valley. we can talk about the management disaster there. i hold them accountable for being in long-term bonds, not hedging on that, but the people who are protected, who are the depositors in that bank, 50,000 companies, many of whom who were going to make payroll. that was the right decision to protect those depositors. i also believe separately here working americans should get a fair, liveable wage. we can afford to do that in the
richest country in the world. neil: can we afford to increase fdic insurance as we did in a couple of institutions we did? >> neil, in history we almost guarranty the depositors. when the bank of new england in 19991, jay powell at treasury said all deposits would be guaranteed. i heard senator lankford he was thoughtful, protecting community banks. why don't we do a charge a higher premium, assess a fee account over $250 million. basically manadatory insurance. these accounts are uninsured car drivers, they are causing car accidents. the taxpayer is responsible. mandatory fee should be for a account over 250,000, that should go to the federal insurance deposit fund to protect the depositors. neil: real quickly, you are going in and touching that third
rail of politics, looking shoring up social security. among your proposals making tax for those over 160,000 limitless. in other words you pay social security tax on their full income. what response have you got on that? >> technically start over 250,000. this would actually make social security solvent and allow people to increase benefit. some people don't like it. they say this is too much tax on people who are making over 250,000. and i guess that is a fair position to have, but what is your alternative? at least i have a proposal that makes the math of social security work, it makes it solvent. i would like to hear from those who disagree with this, what their proposal is. neil: does it all have to be in tax increases? can you scale or stagger benefits, retirement ages in the future kind of as tip o'neill and ronald reagan did back in the early '80s? >> i'm not for that.
you could. here is my problem with the republicans. not like they're proposing that. they're standing up giving a standing ovation to president biden, absolutely no cuts in social security, no increase in retirement age, no reduction if benefits. how do you pay for that? scrap the cap, increase, have everyone over 250,000 pay tax on rest of the income. republicans don't have a plan. either you have to cut benefits or increase taxes. you have to pick one or the other. neil: or you could try both. at least you're looking at this with an idea. some people might rip it. others will just ignore it but you're out there with an idea. let's see what happens, congressman. very good catching up with you. >> thank you, neil. neil: "the big money show" coming up around the bend. jackie deangelis has more. what is on tap ahead of this fed decision? jackie: good afternoon, to you, neil. that is exactly right. we're nerds on the desk. we're counting down to the fed decision pretty hard. we have charles payne to weigh
in, whether the fed will pause, 25, possibly 50, who knows. we'll discuss it. also of course the white house is now attacking the gop proposed budget. florida congressman byron donalds will weigh in on that. we're up at 1:00 but more "coast to coast" after this. ♪. the day you get your clearchoice dental implants makes every day... a "let's dig in" day... mm. ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... - mm. [ chuckles ] - ...a "love my new teeth" day.
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means the banking problem is worse. so they will probably stand for, as expected, i would listen very carefully because the media pool who covers the fed, among l greatestas journalists, in prino out there. they ask the tough questions. i think we need to listen closely to the chairman powell's answers. absolutely. neil: good take on this happens we asked a lot of you what you think will happen, should happen after this. your thoughts
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